Pine Air Lakes

Community Development District

Adopted Budget
Fiscal Year 2025

Presented by:

Table of Contents

1-2		General Fund	

3	
	Allocation of Reserves	

4-5	
	Budget Narrative	

6-7	
	Debt Service Fund Series 2012	

8-9	
	Debt Service Fund Series 2022	

10	
	Non-Ad Valorem Assessments Comparison	

		Adopted Budget	Actuals Through	
Projected Next	Projected Through	Adopted Budget	
	Description	Fiscal Year 2024	7/31/24	2 Months	9/30/24	Fiscal Year 2025	

REVENUES:							

Special Assessments - Tax Roll	
$  232,705	
$  235,502	
$	-	
$	235,502	
$  346,280	
Interest Income	500	15,592	1,500	17,092	15,000	
Unassigned Fund Balance 1	19,495	-	119,482	119,482	-	
TOTAL REVENUES	$ 252,700	$ 251,094	$	120,982	$ 372,076	$ 361,280	

EXPENDITURES:						
General and Administrative						
Supervisors Fees	$	6,000	$	2,400	$	2,000	$	4,400	$	6,000	
FICA Taxes	459	184	153	337	459	
Engineering	10,000	8,740	2,913	11,653	10,000	
Arbitrage Calculation	600	600	-	600	600	
Assessment Roll	300	300	-	300	300	
Attorney	10,000	5,934	1,978	7,911	10,000	
Disclosure Report	2,000	1,667	333	2,000	2,000	
Annual Audit	3,800	3,800	-	3,800	3,600	
Trustee Fees	7,845	7,845	-	7,845	7,845	
Management Fees	40,813	34,011	6,802	40,813	43,262	
Website Maintenance	1,500	1,250	250	1,500	1,500	
Postage and Delivery	1,000	190	250	440	500	
Printing and Binding	750	74	188	261	750	
Insurance General Liability	7,960	7,525	-	7,525	9,852	
Legal Advertising	1,500	1,415	375	1,790	1,500	
Other Current Charges	1,000	614	205	819	1,000	
Office Supplies	200	0	50	50	200	
Dues, Licenses and Subscriptions	175	175	-	175	175	
Contingency	1,000	-	-	-	-	
TOTAL GENERAL AND ADMINISTRATIVE	$  96,902	$  76,722	$	15,497	$	92,219	$  99,543	

Description

Adopted Budget Fiscal Year
2024

Actuals			Projected		Adopted Through	Projected Next		Through			Budget 7/31/24		2 Months		9/30/24	Fiscal Year
2025

Operations and Maintenance		
Landscape Maintenance	$	56,500	$	47,083	$	9,417	$	56,500	$	56,500	
Preserve Maintenance	7,000	4,500	500	5,000	5,000	
Tree Pruning and Replacement	7,500	12,303	-	12,303	9,500	
Irrigation Repairs and Maintenance	16,000	17,061	2,667	19,727	20,000	
Annual Plantings	17,500	19,930		19,930	17,500	
Electricity	2,500	2,342	468	2,811	3,000	
Lake Maintenance	8,000	6,464	1,298	7,762	8,000	
Field Management	22,800	16,625	4,240	20,864	25,437	
Reporting-SFWMD	4,800	4,000	800	4,800	4,800	
Contingency (Lowe's Service Road)	13,198	112,160	-	112,160	-	
Capital Outlay	-	18,000	-	18,000	-	
Roadway Reserve	-	-	-	-	112,000	
TOTAL OPERATIONS AND MAINTENANCE	$ 155,798	$ 260,468	$	19,389	$ 279,857	$ 261,737	
						
TOTAL EXPENDITURES	$ 252,700	$ 337,190	$	34,886	$ 372,076	$ 361,280	
						
EXCESS REVENUES (EXPENDITURES)	$	0	$ (86,096)	$	86,096	$	0	$	0	

1 Note - Prior year surplus reserves are being used for the unassigned fund balance.

Exhibit "A" Allocation of Reserves

DESCRIPTION

Beginning Fund Balance - 10/1/23	$	380,413	
Net change in Fund Balance - Fiscal Year 2024	(119,482)	
Total Funds Available (Estimated) - 9/30/24	260,931	

ALLOCATION OF AVAILABLE FUNDS		
Funding for First Quarter Operating Expenses: (1)	(90,320)	
Reserved for Field Capital Projects / Renewal and Replacement:	(170,611)	
Total Allocation of Available Funds	(260,931)	
		
Total Unassigned Cash	$	0	

Notes		
(1) Represents approximately 3 months of operating expenditures		

REVENUES

Special Assessments - Tax Roll
The District will levy a maintenance assessment on all assessable property within the district.
Interest Income
The District earns interest on the monthly average collected balance for each of its investment accounts.

Expenditures - General and Administrative

Supervisors Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 6 meetings.
FICA Taxes
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.
Engineering
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.
Arbitrage Calculation
The District is required to have an independent certified public accounting firm annually conduct an arbitrage rebate calculation on the Special Assessment Refunding Bonds, Series 2012. The annual fee is based on historical cost for this service.
Assessment Roll
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local tax collector and financial advisory services.
Attorney
The District’s attorney will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.
Disclosure Report
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.
Annual Audit
The District is required by Florida Statute to arrange for an annual audit of its financial records by an independent certified public accounting firm.
Trustee Fees
The District issued Series 2022 bonds that are deposited with a trustee at Regions Bank as well as Series 2012 bonds that are deposited with a trustee at US Bank. The annual trustee fee is based on prior year’s cost.
Management Fees
The District receives management, accounting and administrative services as part of a management agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the management agreement.
Website Maintenance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.
Postage and Delivery
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Printing and Binding
This category includes expenses relating to the printing and binding of agenda packages for board meetings, accounts payable checks, stationary, envelopes, photocopies, etc.

Expenditures - General and Administrative (Continued)

Insurance General Liability
The District's general liability and public officials liability insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar community development districts.
Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.
Other Current Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the fiscal year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Due, Licenses and Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity Community Affairs for $175.
Contingency
Unanticipated expenses that may occur during the fiscal year.

Expenditures – Operations and Maintenance

Landscaping Maintenance
The District has a contract with Stahlman-England to maintain the landscape within the district for a monthly fee of $4,708, $56,500 for the year.
Preserve Maintenance
The District has contracts with Woods & Wetlands and Stahlman-England to maintain the preserve area within the district.

Tree Pruning and Replacement
The pruning and replacement of trees, plants, shrubs, etc. will be provided on an as needed basis.
Irrigation Repairs and Maintenance
The District has a contract with Stahlman-England to maintain the irrigation system.

Annual Plantings
The annual plantings will be provided throughout the District on an as needed basis, as approved by the Board.
Electricity
The District incurs electrical costs billed by Florida Power and Light.

Lake Maintenance
The District has contracted with Solitude Lake Management to provide lake maintenance services to all the lakes within the District.

Field Management
The includes the supervision and on-site management of the District. The responsibilities will include reviewing contracts and other maintenance related items.

Reporting-SFWMD
RMA GeoLogic Consultants provides quarterly compliance reports of the withdrawals from wells and surface water pumps to the South Florida Water Management District. The monthly amount is $400, annual amount is $4,800.

Contingency
Unanticipated repairs or maintenance that may need to be done during the fiscal year.

Roadway Reserve
Funds set aside for a future use to for roadway repairs and improvements.

Adopted Budget
Debt Service Series 2012 Special Assessment Refunding Bonds

	Adopted Budget	Actuals Through	
Projected Next	Projected Through	Adopted Budget	
Description	Fiscal Year 2024	7/31/24	2 Months	9/30/24	Fiscal Year 2025	

REVENUES:						
Special Assessments - Tax Roll	$	446,600	$	451,968	$	-	$	451,968	$	446,600	
Interest Income	1,000	21,412	1,660	23,072	1,000	
Carry Forward Surplus (1)	166,197	-	173,405	173,405	200,195	
TOTAL REVENUES	$	613,797	$	473,380	$	175,065	$	648,445	$	647,795	

EXPENDITURES:						
Interest - 11/1	$	19,125	$	19,125	$	-	$	19,125	$	12,975	
Interest - 5/1	19,125	19,125	-	19,125	12,975	
Principal - 5/1	410,000	410,000	-	410,000	425,000	
TOTAL EXPENDITURES	$	448,250	$	448,250	$	-	$	448,250	$	450,950	
						
EXCESS REVENUES (EXPENDITURES)	$	165,547	$	25,130	$	175,065	$	200,195	$	196,845	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

$6,600

$6,600

AMORTIZATION SCHEDULE
Debt Service Series 2012 Special Assessment Refunding Bonds

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	$	865,000	3.000%	$	-	$	12,975	$	12,975	
05/01/25	865,000	3.000%	425,000	12,975		
11/01/25	440,000	3.000%	-	6,600	444,575	
05/01/26	440,000	3.000%	440,000	6,600		
Total	$	865,000	$	39,150	$	457,550	

Adopted Budget
Debt Service Series 2022 Special Assessment Refunding Bonds

	Adopted Budget	Actuals Through	
Projected Next	Projected Through	Adopted Budget	
Description	Fiscal Year 2024	7/31/24	2 Months	9/30/24	Fiscal Year 2025	

REVENUES:						
Special Assessments - Tax Roll	$	216,298	$	218,898	$	-	$	218,898	$	216,298	
Interest Income	-	6,683	760	7,443	-	
Carry Forward Surplus (1)	65,050	-	80,324	80,324	92,532	
TOTAL REVENUES	$	281,348	$	225,581	$	81,084	$	306,665	$	308,830	

EXPENDITURES:						
Interest - 11/1	$	54,566	$	54,566	$	-	$	54,566	$	52,401	
Interest - 5/1	54,566	54,566	-	54,566	52,401	
Principal - 5/1	105,000	105,000	-	105,000	110,000	
TOTAL EXPENDITURES	$	214,133	$	214,133	$	-	$	214,133	$	214,801	
						
EXCESS REVENUES (EXPENDITURES)	$	67,216	$	11,448	$	81,084	$	92,532	$	94,029	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

$50,132

$50,132

Period

Outstanding Balance

Principal

Interest

Total

11/01/24	$	2,315,000	$	-	$	52,401	$	52,401	
05/01/25	2,315,000	110,000		52,401		
11/01/25	2,205,000	-		50,132	212,533	
05/01/26	2,205,000	115,000		50,132		
11/01/26	2,090,000	-		47,760	212,892	
05/01/27	2,090,000	120,000		47,760		
11/01/27	1,970,000	-		45,285	213,045	
05/01/28	1,970,000	125,000		45,285		
11/01/28	1,845,000	-		42,473	212,758	
05/01/29	1,845,000	130,000		42,473		
11/01/29	1,715,000	-		39,548	212,020	
05/01/30	1,715,000	140,000		39,548		
11/01/30	1,575,000	-		36,398	215,945	
05/01/31	1,575,000	145,000		36,398		
11/01/31	1,430,000	-		33,135	214,533	
05/01/32	1,430,000	150,000		33,135		
11/01/32	1,280,000	-		29,760	212,895	
05/01/33	1,280,000	160,000		29,760		
11/01/33	1,120,000	-		26,040	215,800	
05/01/34	1,120,000	165,000		26,040		
11/01/34	955,000	-		22,204	213,244	
05/01/35	955,000	175,000		22,204		
11/01/35	780,000	-		18,135	215,339	
05/01/36	780,000	180,000		18,135		
11/01/36	600,000	-		13,950	212,085	
05/01/37	600,000	190,000		13,950		
11/01/37	410,000	-		9,533	213,483	
05/01/38	410,000	200,000		9,533		
11/01/38	210,000	-		4,883	214,415	
05/01/39	210,000	210,000		4,883		
Total	$	2,315,000	$	943,268	$ 3,043,385	

Pine Air Lakes
Community Development District
Non-Ad Valorem Assessments Comparison 2024-2025

	Fiscal Year 2025 Maintenance Assessment*
(per sq. ft.)	Fiscal Year 2025 Debt Assessment*
(per sq. ft.)	Fiscal Year 2025 Debt Assessment*
(per sq. ft.)	
Retail per square foot
Office per square foot	$0.36	$1.30	$1.66	
	$0.12	$0.44	$0.56	

* Includes 7.5% for early payment discount and collection fees	

	Fiscal Year 2024 Maintenance Assessment*
(per sq. ft.)	Fiscal Year 2024 Debt Assessment*
(per sq. ft.)	Fiscal Year 2024 Total Assessment*
(per sq. ft.)	
Retail per square foot
Office per square foot	$0.24	$1.30	$1.54	
	$0.08	$0.44	$0.52	

* Includes 7.5% for early payment discount and collection fees